The Kress Building
26 Unit Apartment Building | $10,540,000 ($405,385/Unit) | 7% Cap Rate | Fort Worth, TX 76102
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $10,540,000
- Property Type
-
Multifamily
- Square Feet
- 42,686 SF
Listing Contacts
Stephen Crittenden
Verified Profile
Jennifer Pierson
Verified Profile
- Property Info
Property Overview
- The Kress Building offers a rare opportunity to purchase a mixed use property with upscale residential multi family lofts and retail Space.
- The property is located within walking distance of the iconic Sundance Square, The Bass Performance Hall, and the Fort Worth Convention Center.
- Fort Worth is home to Alcon, Lockheed Martin, AT&T, and many other important employers creating a downtown environment with almost 50,000 People every day.
- The Kress Building Has 24 large, loft style multi family units That are beautifully appointed with open floor plans and large windows, creating a cool and current “vibe.”
- The retail portion of the property is 100% occupied as is the multi family portion. The property has a long history of high occupancy levels.
- The Property is being offered at a blended 7.00% go-in return and a price psf of $246.92 to the entire building and $160,417 per unit to the multi family portion, which is well below replacement cost. Replacement cost is virtually impossible to calculate with such a historic property.
- The property is located within walking distance of the iconic Sundance Square, The Bass Performance Hall, and the Fort Worth Convention Center.
- Fort Worth is home to Alcon, Lockheed Martin, AT&T, and many other important employers creating a downtown environment with almost 50,000 People every day.
- The Kress Building Has 24 large, loft style multi family units That are beautifully appointed with open floor plans and large windows, creating a cool and current “vibe.”
- The retail portion of the property is 100% occupied as is the multi family portion. The property has a long history of high occupancy levels.
- The Property is being offered at a blended 7.00% go-in return and a price psf of $246.92 to the entire building and $160,417 per unit to the multi family portion, which is well below replacement cost. Replacement cost is virtually impossible to calculate with such a historic property.
Property Details
- Class
- B
- Year Built/Renovated
- 1936/2007
- Stories
- 4
- Lot Size (sq. ft)
- 10,019 SF
- Units
- 26
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